GENIUS Act advances to final Senate vote after 68-30 cloture win, setting rules for $250B stablecoin market with consumer protections.
Stablecoin legislation is one step closer to becoming law due to the most recent cloture vote, a significant development. The most recent amendment to the GENIUS Act garnered sufficient bipartisan support, with 68 senators voting in favor.
The latest cloture vote has resulted in the advancement of the Stablecoin Bill GENIUS Act
The stablecoin bill has been advanced by the US Senate following the most recent cloture vote, according to a Bloomberg report. A final vote on the legislation is expected to occur next week or as early as this week if party leaders abbreviate the debate period.
The motion to invoke cloture on Senator Bill Hagerty’s substitute amendment was approved by the Senate by a vote of 68 to 30. The cloture vote was scheduled to occur today, according to CoinGape. The amendment established a state-level regulation for stablecoin issuers with a market capitalization of less than $10 billion, guaranteeing transparency.
The CLARITY Act, another crypto legislation, passed the committee markup phase before the House Committee on Agriculture and the House Financial Services Committee yesterday. This development occurred just one day later.
The stablecoin law is designed to establish a regulatory framework for stablecoins that is both clear and concise. Following the banking sector’s lobbying efforts regarding competition with deposits, interest-yielding stablecoins may be prohibited. Banks such as Bank of America are purportedly in the process of introducing their stablecoins to counteract competition.
In the interim, stablecoin issuers would be required to maintain a 1:1 dollar reserve in assets, such as US Treasury securities. An audit is also mandatory for issuers with a market capitalization exceeding $50 billion.
The ultimate passage of the GENIUS Act will necessitate a simple majority. After that, the measure will be sent to the US House for review before both chambers vote on the final amended version.
The stablecoin bill is anticipated to be signed by US President Donald Trump, who has previously expressed complete support for it. The measure has also been supported by cabinet members such as US Treasury Secretary Scott Bessent.
